Al Ahmadiah Hip Hing JV signs contract for AED 750 Million HHHR Tower |
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Al-Ahmadiah Contracting & TradingAl-Ahmadiah Contracting & Trading
enters into joint venture with Hong Kong based Hip Hing Overseas Ltd HHHR Tower to be built on behalf of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai & Minister of Finance, represented by Dubai International Real EstateDubai International Real Estate
Ground plus Mezzanine plus 70-storey commercial, office and residential complex
HHHR Tower designed to accommodate show rooms, offices and 454 luxury apartments
JV company in advance talks for similar projects in Dubai, Abu Dhabi, Ajman and Sharjah
Dubai, 27th June 2007: The ISO 9001-2000 certified Al Ahmadiah Contracting & TradingAl Ahmadiah Contracting & Trading, one of the leading contracting companies wholly owned by HH Sheikh Hasher Maktoum Juma Al Maktoum, today signed the contract for HHHR Tower, a ground plus mezzanine plus 70-storey commercial, office and residential complex. Briefing about Al AhmadiahAl Ahmadiah, Mr. S.K. Joshi its Chief Executive Officer said that since its inception in 1970, Al AhmadiahAl Ahmadiah has earned high reputation in the market and today it is recognized as one of the high performing major construction companies in the UAE with excellent quality engineering skills. The company has successfully executed multi-million dollar projects such as palace complexes, multi-storey buildings, military facilities, medical facilities, commercial projects, communication facilities, industrial projects, luxury villa complexes, school projects, marine & off-shore projects, religious facilities etc. Al AhmadiahAl Ahmadiah has its own ancillary divisions for electro mechanical, plumbing installations, workshop, wooden joinery shop, concrete block making unit etc.
In order to concentrate more specifically on diversification in the construction field, Al AhmadiahAl Ahmadiah recently created separate divisions, namely, Theming Division, Marine Division, Refurbishment Division, Civil Maintenance and Air Conditioning Divisions. These departments are run by highly experienced engineers with specialization in their respective fields.
He further stated that Al AhmadiahAl Ahmadiah employs over 8,000 workers and owns and operates a variety of plant and machinery needed to execute projects. Over the years, the company has executed several prestigious projects in Dubai, Abu Dhabi & other Emirates. Most recent prestigious projects include Dubai Mall -The Gold Souk, Ibn Battuta Mall, Wild Wadi Water Park (All Theming Finishes), Al Murooj Complex, Jumeirah Beach Residence, 60 Luxury Beach Front Villas, Iris Blue Tower, Jumeirah Hilton Hotel, Dubai Television, Directorate of Military Works, UAE, Al Bayan Printing Press etc. Mr. Joshi continued: "As on date we have projects worth over AED 2 billion in hand."
Mr. Saeed Massoudi, Managing Director of Al AhmadiahAl Ahmadiah announced that in January 2007, a joint venture was formed between Al AhmadiahAl Ahmadiah and Hong Kong based Hip Hing Overseas Ltd., known as "Al AhmadiahAl Ahmadiah Hip Hing JV". The prestigious HHHR Tower is the first project to be built by the JV. Combining the resources of the two companies, Al AhmadiahAl Ahmadiah is in the process of undertaking several new projects in the UAE.
Commenting on HHHR Tower, Mr. Saeed Massoudi said that it will be built at an estimated cost of AED 750 million. The Tower will be designed to accommodate show rooms at the ground and mezzanine floors, offices up to 4th floor and 454 luxury apartments with all modern amenities and recreation facilities.
HHHR Tower will be built on behalf of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, represented by Dubai International Real EstateDubai International Real Estate and, the project will be executed under the consultancy of Al Hashemi Planners, Architects and Engineers. International Project Management is the project manager for HHHR Tower.
He added that Hip Hing is one of the leading contracting companies in Hong Kong, China and South East Asia with established credentials in the fields of high-rise construction, enabling, civil engineering, electro-mechanical, architectural and interior design. The value of work currently in hand exceeds US$ 2.5 billion.
Commenting on the launch of HHHR Tower, Mr. Saeed Massoudi said: "We are pleased to be associated with this prestigious tower, yet another landmark of Dubai for our esteemed client HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance. This iconic tower is located at one of the most prominent locations on Sheikh Zayed Road and it will have two separate multi-storey parking buildings to accommodate more than 900 vehicles."
About future plans Mr. Massoudi mentioned: "We have already expanded our operations to other Arab countries like Syria and we are considering expanding our activities to other Asian and African countries."
Commenting on the JV, Mr. Allan Chan, Executive Director, Hip Hing Overseas Ltd said: "We are glad to enter into a joint venture partnership with Al Ahmadiah Contracting & TradingAl Ahmadiah Contracting & Trading which has a rich heritage of 37 years in the UAE. Under the patronage of HH Sheikh Hasher Maktoum Juma Al Maktoum, we are planning to expand our activities to other construction related activities in the UAE. We are already into advanced negotiations for major projects which could be executed in a similar manner to that of HHHR Tower. The JV Company is currently looking at projects in the Emirates of Dubai, Abu Dhabi, Ajman and Sharjah."
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© Press Release 2007
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